Your accrued pension transferred to the NexT Pension scheme
Pension funds have until 1 January 2028 to adjust their pension schemes to comply with the new statutory pension rules. Value transfer is only possible if both pension funds fall under the same legal framework. Whether you transfer the pension you accrued through your previous employer before or after the transition to the NexT Pension scheme may result in a financial advantage or disadvantage. We explain this below.
On 1 January 2027, all accrued pensions at Philips Pensioenfonds will be converted to the new pension scheme: the NexT Pension scheme. This process is called “invaren” (conversion). During the conversion of pensions, the financial buffer of the Pension Fund will be distributed. The buffer will be allocated across all pensions held at Philips Pensioenfonds as of 1 January 2027, including pensions that participants accrued with their previous pension provider and transferred to Philips Pensioenfonds before 1 January 2027.
Conversion: how does it work? Read about it in our one-pager.
For each participant, we calculate the value of the pension you have accrued with us as of 1 January 2027. This value forms the basis of your personal pension assets. This ensures that at a minimum, the value of your accrued pension is deposited into your personal pension pot.
If the funding ratio is 107.5% or higher, you will immediately start with a personal pension asset higher than just the value of your accrued pension. Your personal pension assets are then increased with a portion of the current buffer. At the moment, our funding ratio is well above 107.5%. Click here for the current funding ratio.
The higher your accrued pension on 1 January 2027, the more you benefit from the buffer. This can make it wise to transfer your pension to Philips Pensioenfonds before 1 January 2027. Would you like to know more about how converting your accrued pension works? Click here.
To make the right choice, it is also important to consider how the buffer distribution of your previous pension fund is arranged. If you want more information, please contact our Service Desk and your previous pension provider.
Note: the compensation scheme is not dependent on the pension accrued at Philips Pensioenfonds. Therefore, a pension transfer does not affect it.
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